Hua Yuan Securities: First to give "buy" rating to Hong Kong Stock Exchange, with active trading in stocks and stock options.

Huayuan Securities issued a research report stating that it is initiating coverage on the Hong Kong Stock Exchange with a "buy" rating. The Hong Kong Stock Exchange has a unique ecological position connecting "funds" and "goods", with regional monopoly, scarcity, and commerciality. The company's compound annual growth rates for revenue, other income, and net profit attributable to the parent company from 2015 to 2024 are 6.3% and 5.8%, respectively. Strong growth in spot and stock option derivative trading in Q3 2025 drove the Hong Kong Stock Exchange's financial indicators to perform well. The company is expected to achieve net profits attributable to the parent company of 17.9 / 20.3 / 22.1 billion Hong Kong dollars in 2025-2027, with year-on-year growth rates of 37.5% / 13.1% / 9.0% respectively. The current stock price corresponds to PEs of 29.1 / 25.7 / 23.6 times.